Brexit bank headache, 7 years of limbo: What Europe said on Brexit today June 12, 2016 Top leaders in Europe's finance world have spoken out on the Brexit debate on Sunday, with warnings of a headache for German banks and seven years of "limbo" in negotiations. German banks would be hit if Britain voted to leave the European Union, the head of the country's financial watchdog has warned. The heavy exposure of [...]
Don’t bank on an Uber moment… yet June 10, 2016 It’s an interesting time to be working with most of the world’s largest banks. If economic instability, skills gaps and a tsunami of regulation weren’t enough, they now face stern warnings from respected ex-colleagues about the future of the industry. Step forward Anthony Jenkins, the ex-Barclays banker who reiterated last week that banks are facing their ‘Uber moment’. That’s [...]
Terra Firma’s Guy Hands drops EMI lawsuit against Citigroup June 10, 2016 Guy Hands has backed down in his lawsuit with Citigroup today. Hands, who brought his case to the High Court in London earlier this week, had been suing the bank for £1.5bn worth of damages over his private equity firm Terra Firma's failed takeover of music group EMI. Hands claimed that Citigroup had misled him throughout the bidding process [...]
Is fintech the new black? Lower trust in disruptors gives banks reason to cheer June 10, 2016 Digital innovation – and more specifically the impact of fintech – is currently the most intensely debated topic in the financial services sector. Two years ago hardly anyone outside the industry had heard of fintech. Now it’s the hottest investment class globally for VCs. PwC recently produced a report claiming that over 20 per cent [...]
British Bankers’ Association set to merge with rival trade associations June 9, 2016 British Bankers' Association (BBA), the trade body that was heavily criticised for its role as the administrator of the Libor interest rate benchmark, is expected to be merged with its rival associations. According to Sky News, BBA members are reportedly set to vote in favour of plans to merge the banking trade bodies to form a [...]
Accused ex-Barclays banker likely kept in the dark about any supposed Libor conspiracy by boss, court told June 9, 2016 An ex-Barclays submitter currently standing trial accused of Libor-rigging offences was likely kept in the dark about the full extent of any fixing activity by his boss, a court was told today. Jonathan Mathew, along with former Barclays traders Stylianos Contogoulas, Jay Merchant, Alex Pabon and Ryan Reich, has been charged with conspiracy to defraud on allegations [...]
HSBC sale of Brazil business given the thumbs up by Brazilian competition watchdog June 9, 2016 HSBC's sale of its Brazil business took one step closer to reality last night, after the deal was approved by Brazil's competition agency. The banking giant intends to sell its entire business in Brazil – which consists of HSBC Bank Brasil S.A – Banco Multiplo and HSBC Servicos e Participacoes Ltda – to Banco Bradesco, the fourth largest bank in [...]
EU referendum: Another bank has warned of possible UK job cuts if Brexit occurs June 9, 2016 Another US bank has threatened to cut its UK jobs if Britain votes to leave the EU in the referendum on 23 June. Citi has told UK staff that it will probably look to "rebalance" its operations in the event of a Brexit. The bank employs 9,000 people across the UK. "To continue to serve our clients [...]
Auto Trader grows sales, earnings and profit in first year as a listed company June 9, 2016 Online car selling service Auto Trader grew sales and profit in its first year as a publicly listed company The figures Revenue increased by 10 per cent to £281.6m in the 2016 financial year, up from £255.9m in 2015. Operating profit increased by 27 per cent to £169.6m, from £133.1m, and earnings per share grew [...]
Losing the EU financial services “passport” would be a disaster for the UK economy June 9, 2016 I read with real concern that the Leave campaign does not think that the “passporting” afforded by the EU is worth much to the City. “Such rubbish,” Vote Leave campaigner Andrea Leadsom called it recently. Her statement shows a tragic lack of understanding of what modern financial services need. Thanks to the EU, a UK [...]